1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The South American soybean harvest is expected to be bountiful, so there is no basis for a bull market. However, demand is expected to improve, limiting the downside. Overall, the market is expected to be slightly bullish in a range of 1000 - 1200 cents per bushel [6] 3. Summary According to Relevant Catalogs 3.1 Market Focus - The situation of mutual visits between Chinese and US leaders: Trump's visit to China has been postponed, but if the Middle - East situation eases, another visit may be arranged [2] - The transmission of rising crude oil prices to soybean planting: It directly increases the costs of fertilizers, pesticides, and fuel. A 30% price increase in these three items would raise US soybean costs by about 70 cents and Brazilian soybean costs by 102 cents. Higher fertilizer prices may also prompt some farmers to switch from corn to soybeans [2] - The release rhythm of South American supply pressure: Brazil's soybean harvest is accelerating, and Argentina's precipitation has improved, increasing the supply pressure of spot soybeans in the future [2] - The biodiesel policy: The regulations of the EPA's biodiesel policy will affect the market [2] 3.2 Overall View and Long - Short Logic of US Soybeans - Overall view: Slightly bullish in a range of 1000 - 1200 cents per bushel [6] - Short - side logic: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest progress is accelerating, and the shipping speed has basically returned to normal, increasing global spot pressure; Argentina's weather has improved, which may repair the previously damaged yield [7] - Long - side logic: If Trump visits China, it is expected that an additional 8 million tons of soybeans will be purchased in the current crop year; Argentina's early drought may lead to a reduction in yield; Rising crude oil prices support costs [10] 3.3 Spot and Futures Market Prices - As of March 20, 2026, the price of the US soybean futures continuous contract fell 64 cents per bushel to 1161.25 cents per bushel; the US soybean meal futures continuous contract rose $5.3 per short ton to $328 per short ton; the US soybean oil futures continuous contract fell 1.93 cents per pound to 65.51 cents per pound [9] - As of March 19, 2026, the spot soybean purchase price in Illinois decreased by 56.5 cents per bushel to 1163 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port decreased by 63.25 cents per bushel to 1232 cents per bushel compared to the previous week [9] - As of March 19, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, decreased by 1.71 reais per bag to 100.75 reais per bag compared to the previous week; the spot price at the Paranagua port decreased by 1.49 reais per bag to 129.38 reais per bag compared to the previous week [11] - As of March 18, 2026, the FOB price of Argentine soybeans for May shipment decreased by $22 per ton to $412 per ton; the price for June shipment decreased by $26 per ton to $414 per ton [11] 3.4 Main Producing Area Weather Conditions - Brazil: In the next week, precipitation will be mainly concentrated in the northern and western regions, with slightly less precipitation in the central and southern regions. In the next two weeks, precipitation will still be concentrated in the north and west. Overall, the precipitation in the next two weeks is beneficial for Brazilian soybeans, as less precipitation in the central region is conducive to harvesting and transportation, and the return of precipitation in the south is beneficial for repairing the previously damaged yield [14] - Argentina: Precipitation will be good in the next two weeks, especially in the Buenos Aires and Cordoba production areas, which is beneficial for soybean growth [15] 3.5 US Soybean Demand - As of the week of March 13, 2026, the US soybean export inspection and quarantine volume was 906,500 tons, down from 995,300 tons in the previous week; the net sales in the current crop year were 298,200 tons, down from 456,700 tons in the previous week; the net sales in the next crop year were 6,600 tons, down from 9,500 tons in the previous week; the shipment to China was 545,800 tons, up from 411,400 tons in the previous week. Of the 12 million tons of US soybeans purchased by China, 7.85 million tons have been shipped, and 4.15 million tons remain unshipped [27] - The domestic soybean crushing volume in the US in February was 208.78 million bushels, the highest level for the same period in history, indicating strong domestic demand [28] 3.6 CFTC Positions and Planting Costs - As of March 17, 2026, the net long positions of funds in soybean futures and options were 213,700 contracts, a decrease of 17,100 contracts from the previous week; the net long positions in soybean oil futures and options were 118,400 contracts, an increase of 18,600 contracts from the previous week; the net long positions in soybean meal futures and options were 83,800 contracts, a decrease of 3,200 contracts from the previous week. The net long positions in soybeans decreased significantly [33] - In terms of planting costs, the cost in the US is still high, and the cost in Brazil is lower than that in the US but has also increased compared to the previous year. Before the rise in crude oil prices, the estimated planting cost in the US was 1200 - 1250 cents per bushel, and in Brazil, it was 950 - 1000 cents per bushel. With the current energy cost, it is expected to increase by 5 - 10% on this basis [34]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market will generally fluctuate with a slight upward trend, in the range of 1,050 - 1,250 cents per bushel [6] 3. Summary by Directory 3.1 Market Focus - The market's focus lies in four aspects: the outcome of the Sino - US leaders' mutual visits, the impact of rising crude oil prices on planting, the release rhythm of South American supply pressure, and the EPA's biodiesel policy [2] 3.2 Overall View and Long - Short Logic of US Soybeans - **Overall View**: South American bumper harvest means no bull - market basis; demand improvement limits the downside, with an overall slightly upward - trending fluctuation in the range of 1,050 - 1,250 cents per bushel [6] - **Short Logic**: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest is accelerating, maintaining a harvest pattern; Argentina is expected to receive rainfall after a brief drought [7] - **Long Logic**: After China purchases 12 million tons of US soybeans, it will add another 8 million tons of soybeans in this crop year; Argentina's early drought may lead to a downgrade in yield; soaring global crude oil prices may trigger inflation [9] 3.3 Spot and Futures Market Prices - As of March 13, 2026, the price of the US soybean futures continuous contract rose 24.5 cents per bushel to 1,225.25 cents per bushel; the US soybean meal futures continuous contract rose $5.5 per short ton to $322.7 per short ton; the US soybean oil futures continuous contract rose 0.86 cents per pound to 67.44 cents per pound [9] - As of March 12, 2026, the spot soybean purchase price in Illinois rose 21.75 cents per bushel to 1,219.5 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port rose 5.5 cents per bushel to 1,295.25 cents per bushel compared to the previous week [9] - As of March 13, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, rose 0.23 reais per bag to 102.67 reais per bag; the spot price at the Paranagua port fell 0.98 reais per bag to 130.2 reais per bag compared to the previous week [10] - As of March 11, 2026, the FOB price of Argentine soybeans for the May shipment rose $1 per ton to $47 per ton; the price for the June shipment rose $2 per ton to $434 per ton [10] 3.4 Weather Conditions in Main Producing Areas - In the next week, precipitation in Brazil will be mainly concentrated in the central - eastern region, with slightly less precipitation in the southern region, but the situation will improve in the second week. In specific major producing states, Mato Grosso will have slightly more precipitation; South Mato Grosso will have normal precipitation in the next week and less in the second week; Paraná will have less precipitation, which is conducive to harvesting; Rio Grande do Sul will have less precipitation in the next week and the precipitation will gradually return in the second week [13] - In the next two weeks, the main producing areas in Argentina will have good precipitation, especially in the Buenos Aires and Cordoba regions, which is conducive to supplementing the previous water shortage and the growth of soybeans [13] 3.5 US Soybean Demand - According to USDA data, as of the week of March 6, 2026, the US soybean export inspection and quarantine volume was 995,000 tons, compared with 1.119 million tons in the previous week; the net sales in this crop year were 456,700 tons, compared with 383,400 tons in the previous week; the net sales in the next crop year were 9,000 tons, compared with 0 tons in the previous week; the shipment to China was 411,400 tons, compared with 734,600 tons in the previous week [33] 3.6 CFTC Positions and Planting Costs - According to CFTC data, as of March 7, 2026, the net long positions of funds in soybean futures and options were 230,000 contracts, an increase of 16,800 contracts compared to the previous week; the net long positions in soybean oil futures and options were 99,700 contracts, an increase of 33,900 contracts compared to the previous week; the net long positions in soybean meal futures and options were 80,600 contracts, an increase of 18,500 contracts compared to the previous week. From the perspective of fund positions, the operation ideas for soybeans, soybean oil, and soybean meal are all to increase long positions [41] - In terms of planting costs, the cost in the US remains high, while the cost in Brazil is lower than that in the US but has also increased compared to the previous year. According to the latest crude oil price increase, the US planting cost is expected to increase by about 50 cents from the original 1,200 - 1,250 cents per bushel, and Brazil is expected to increase by 70 cents from 950 - 1,000 cents per bushel [43]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The short - term prices of soybean - related futures will maintain a weakly oscillating pattern, with far - month contracts being weaker. The short - term price of palm oil futures has turned to weakly oscillating. [5][6][7] 3. Summary by Variety 3.1. Soybean Meal (M) - **Price Trend**: Short - term: weakly oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating. [5] - **Core Logic**: Last night, the price of US soybean futures rebounded from a low level due to improved export demand. Argentina's reduction of export tariffs on soybeans and their products may enhance its export competitiveness and squeeze the market share of US soybeans. Despite the USDA report keeping the 2025/26 US soybean ending stocks at 290 million bushels, there are still concerns about South American supply pressure. The domestic market shows conflicting signals. Spot prices have stopped falling, but the expectation of accelerated customs clearance for imported soybeans has intensified the expectation of loose long - term supply. Near - month contracts are relatively resistant to decline, while the cost support for far - month contracts is significantly weakened. [5][6] 3.2. Palm Oil (P) - **Price Trend**: Short - term: weakly oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating. [7] - **Core Logic**: The MPOB report shows that Malaysia's palm oil inventory at the end of November soared 13% month - on - month to 2.84 million tons, far exceeding market expectations and reaching a six - and - a - half - year high, mainly due to a cliff - like 28.1% decline in exports to 1.213 million tons. Domestic palm oil inventory has accumulated to 719,000 tons due to increased imports and weakening demand. Overall demand is lower than expected, with the growth rate of catering consumption slowing down and the procurement volume of small - package oils down 15% year - on - year. The narrowing of the soybean - palm oil price spread to 500 yuan/ton has suppressed the blending demand for palm oil. The domestic palm oil market is currently in a stage dominated by "weak reality", and the process of destocking high inventory determines the price movement center. The sentiment in the oil market has weakened. In the future, attention should be paid to Indonesia's biodiesel policy trends and the procurement rhythm of major importing countries. [7]